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Modest increase in profit for North West Company

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The North West Company has reported a modest increase in profit for the third quarter of its current fiscal year.

The Winnipeg-based junior department store operator said today net earnings grew by 1.3 per cent to $17.4 million for the three-month period that ended on Oct. 31. Earnings per share remained unchanged at 36 cents.

Earnings before interest, income taxes, depreciation and amortization (EBITDA) rose by 2.6 per cent to $36.5 million.

One of the main contributors to the improved profit picture was a 2.5 per cent increase in sales — $387.2 million versus $377.7 million. Profit margins also improved.

"It was encouraging to see that sales and margins strengthened across all of our banners with the exception of northern Canada," president and CEO Edward Kennedy said in announcing the results. "Northern Canada’s economy remains relatively flat, with employment and consumer income growth at a low ebb."

The NWC operates 226 stores in Canada, Alaska, the South Pacific and the Caribbean. It’s stores trade under the names Northern, NorthMart, Giant Tiger, AC Value Center and Cost-U-Less.

 

 

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